Company insolvencies in England and Wales last month rose by 40 per cent year-on-year to the highest level since monthly records began in January 2019.
Data from the Insolvency Service yesterday showed that 2,552 companies were declared insolvent last month, overwhelmingly through creditors voluntary liquidations, in which a companys directors agree to wind up the business without a formal court order.
However, the government agency said there had also been a 34 per cent increase in compulsory liquidations, partly due to more requests from tax authorities to recover funds from companies unable to pay their tax bill.
Insolvencies in the UK were low during the pandemic because of an 80 billion business loan programme and a temporary bar o…
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